Post Utme Noun 2018 Economics Question 34

Practice objective / multiple choice question 34 from the 2018 Post Utme Noun Economics examination.

Post Utme Noun 2018 Economics Objective / Multiple Choice
Question 34 POST_UTME_NOUN • 2018 • ECONOMICS • objective

The concept of scarcity is a fundamental principle in economics that states that the needs and wants of individuals are unlimited, but the resources available to satisfy those needs and wants are limited. Which of the following statements best describes the concept of scarcity?

Answer Options

A. The concept of scarcity states that the needs and wants of individuals are limited, but the resources available to satisfy those needs and wants are unlimited.
Correct Answer B. The concept of scarcity states that the needs and wants of individuals are unlimited, but the resources available to satisfy those needs and wants are limited.
C. The concept of scarcity states that the needs and wants of individuals are limited, and the resources available to satisfy those needs and wants are also limited.
D. The concept of scarcity states that the needs and wants of individuals are unlimited, and the resources available to satisfy those needs and wants are also unlimited.
Correct Answer
B
Correct Option:
The concept of scarcity states that the needs and wants of individuals are unlimited, but the resources available to satisfy those needs and wants are limited.

About This Question

This is Post Utme Noun 2018 Economics Question 34. It is one of the objective questions from the 2018 Post Utme Noun Economics examination.

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